By Elena Vardon


Lloyds Banking Group is making changes in its risk management division, which is expected to result in the reduction of 45 roles.

The British lender said Wednesday that around 153 permanent employees in the division could be made redundant and that it expects to create around 130 new positions focused on specialist risk and technical expertise. The remaining job cuts concern linked roles outside the risk division, it added.

"To achieve the ambitious strategy we launched in February 2022 and to meet our customers' evolving needs, we are transforming our business," a spokesperson said.

The Financial Times first reported the restructuring and potential job cuts, citing a memo on an internal review which found that the division was a "blocker" to its strategic transformation.

"Making changes means not only creating new roles and upskilling colleagues in some parts of the business but also having to say goodbye to talented colleagues who have been a part of the group's success in the past," the spokesperson added.

As of Dec. 31, Lloyds Banking Group employed 62,569 people, according to its latest annual report.


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

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